How Did Elizabeth Thatcher Create An Entrepreneurial Business In The United Kingdom?
From 1533 till 1603 queen Elisabeth I was governing the United Kingdom. At this time London experienced an increase in economic wealth due to the rising possibility of trading with Western European and oversea countries and in addition became a crucial port in the North Sea. In 1666, the Great Fire of London almost destroyed the entire city. The Streets of London got wider and the establishment of a second bridge ensured the enlargement southwards. (Ellrich & Neuhaus, 2012)
In the middle of the 18th century London became the biggest city of the world as the “British Empire” with its numerous colonies worldwide got formed. Moreover, the population registered an increase of 700 percent within 100 years from one million inhabitants to almost 7 million people. On account of London’s growth it became the world capital regarding trading and finance. Immigrants from the colonies of the United Kingdom were able to move to the capital city and made it to a cultural diverse city. (Ellrich & Neuhaus, 2012)
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Her connection to business ownership (her father owned a small grocery business) and other factors inspired her to search for a way out of the difficult economic times. As she saw the potential of enterprises as a driving force for economics, her goal was to create an entrepreneurial culture in the United Kingdom. A lot of measures were introduced to facilitate people becoming entrepreneurs, like the “Enterprise Allowance Initiative”, helping unemployed people to start their own business providing £40 a week for up to a year. Wealth creation was encouraged through cutting taxes and borrowing was facilitated for small companies. Lower taxes should give enterprises a greater role in the business cycle and increase the activity of start-ups. Furthermore, specific university programmes focusing on entrepreneurship and small business management were introduced. (Kelly,
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